Skyverse Technology (SH:688361) Ping An Securities·2024-04-25 06:30Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expected stock performance that will outperform the market by 10% to 20% over the next six months [5][8]. Core Views - The company achieved a revenue of 891 million yuan in 2023, representing a year-over-year growth of 74.95%, and a net profit attributable to shareholders of 140 million yuan, which is a significant increase of 1072.38% year-over-year [5][6]. - The company is benefiting from the rapid growth in the domestic semiconductor testing and measurement equipment market, driven by urgent demand for equipment localization from downstream customers [6][8]. - The company has a strong focus on high-end semiconductor quality control, with a diverse range of products that have been widely adopted in domestic integrated circuit manufacturing lines [8][10]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 891 million yuan and a net profit of 140 million yuan, with a gross margin of 52.62% and a net margin of 15.75% [6][8]. - The company plans to distribute a cash dividend of 1.40 yuan per 10 shares to all shareholders [5]. Growth Projections - Revenue is projected to grow to 1.34 billion yuan in 2024, 1.91 billion yuan in 2025, and 2.58 billion yuan in 2026, with corresponding net profits of 194 million yuan, 259 million yuan, and 338 million yuan respectively [6][11]. - The company’s earnings per share (EPS) are expected to increase from 0.44 yuan in 2024 to 1.06 yuan in 2026 [11]. Market Position - The company has established a strong brand recognition and customer base, with over 300 units of non-pattern wafer defect detection equipment delivered to more than 100 customer production lines by the end of 2023 [8][10]. - The company is positioned to fill gaps in the domestic high-end semiconductor quality control equipment market, enhancing its competitive edge [8][10].